UCP 600 - English

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UCP 600FOREWORD

This revision of the Uniform Customs and Practice for Documentary Credits(commonly called "UCP") is the sixth revision of the rules since they were first

promulgated in 1933. It is the fruit of more than three years of work by the InternationalChamber of Commerce's (ICC) Commission on Banking Technique and Practice.

ICC, which was established in 1919, had as its primary objective facilitating theflow of international trade at a time when nationalism and protectionism posed seriousthreats to the world trading system. It was in that spirit that the UCP were first introduced- to alleviate the confusion caused by individual countries' promoting their own nationalrules on letter of credit practice. The objective, since attained, was to create a set ofcontractual rules that would establish uniformity in that practice, so that practitionerswould not have to cope with a plethora of often conflicting national regulations. Theuniversal acceptance of the UCP by practitioners in countries with widely divergenteconomic and judicial systems is a testament to the rules' success.

It is important to recall that the UCP represent the work of a private internationalorganization, not a governmental body. Since its inception, ICC has insisted on thecentral role of self-regulation in business practice. These rules, formulated entirely byexperts in the private sector, have validated that approach. The UCP remain the mostsuccessful set of private rules for trade ever developed.

A range of individuals and groups contributed to the current revision, which isentitled UCP 600. These include the UCP Drafting Group, which sifted through morethan 5000 individual comments before arriving at this consensus text; the UCPConsulting Group, consisting of members from more than 25 countries, which served asthe advisory body reacting to and proposing changes to the various drafts; the more

than 400 members of the ICC Commission on Banking Technique and Practice whomade pertinent suggestions for changes in the text; and ICC national committeesworldwide which took an active role in consolidating comments from their members. ICCalso expresses its gratitude to practitioners in the transport and insurance industries,whose perceptive suggestions honed the final draft.

Guy Sebban

Secretary General

International Chamber of Commerce

INTRODUCTION

In May 2003, the International Chamber of Commerce authorized the ICCCommission on Banking Technique and Practice (Banking Commission) to begin arevision of the Uniform Customs and Practice for Documentary Credits, ICC Publication500.

As with other revisions, the general objective was to address developments in thebanking, transport and insurance industries. Additionally, there was a need to look at thelanguage and style used in the UCP to remove wording that could lead to inconsistentapplication and interpretation.

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When work on the revision started, a number of global surveys indicated that,because of discrepancies, approximately 70% of documents presented under letters ofcredit were being rejected on first presentation. This obviously had, and continues tohave, a negative effect on the letter of credit being seen as a means of payment and, ifunchecked, could have serious implications for maintaining or increasing its marketshare as a recognized means of settlement in international trade. The introduction by

banks of a discrepancy fee has highlighted the importance of this issue, especially whenthe underlying discrepancies have been found to be dubious or unsound. Whilst thenumber of cases involving litigation has not grown during the lifetime of UCP 500, theintroduction of the ICC's Documentary Credit Dispute Resolution Expertise Rules(DOCDEX) in October 1997 (subsequently revised in March 2002) has resulted in morethan 60 cases being decided.

To address these and other concerns, the Banking Commission established aDrafting Group to revise UCP 500. It was also decided to create a second group, knownas the Consulting Group, to review and advise on early drafts submitted by the DraftingGroup. The Consulting Group, made up of over 40 individuals from 26 countries,consisted of banking and transport industry experts. Ably co-chaired by John Turnbull,

Deputy General Manager, Sumitomo Mitsui Banking Corporation Europe Ltd, Londonand Carlo Di Ninni, Adviser, Italian Bankers Association, Rome, the Consulting Groupprovided valuable input to the Drafting Group prior to release of draft texts to ICCnational committees.

The Drafting Group began the review process by analyzing the content of theofficial Opinions issued by the Banking Commission under UCP 500. Some 500Opinions were reviewed to assess whether the issues involved warranted a change in,an addition to or a deletion of any UCP article. In addition, consideration was given tothe content of the four Position Papers issued by the Commission in September 1994,the two Decisions issued by the Commission (concerning the introduction of the euroand the determination of what constituted an original document under UCP 500 sub-

article 20(b) and the decisions issued in DOCDEX cases.During the revision process, notice was taken of the considerable work that had

been completed in creating the International Standard Banking Practice for theExamination of Documents under Documentary Credits (ISBP), ICC Publication 645.This publication has evolved into a necessary companion to the UCP for determiningcompliance of documents with the terms of letters of credit. It is the expectation of theDrafting Group and the Banking Commission that the application of the principlescontained in the ISBP, including subsequent revisions thereof, will continue during thetime UCP 600 is in force. At the time UCP 600 is implemented, there will be an updatedversion of the ISBP to bring its contents in line with the substance and style of the newrules.

The four Position Papers issued in September 1994 were issued subject to theirapplication under UCP 500; therefore, they will not be applicable under UCP 600. Theessence of the Decision covering the determination of an original document has beenincorporated into the text of UCP 600. The outcome of the DOCDEX cases wereinvariably based on existing ICC Banking Commission Opinions and therefore containedno specific issues that required addressing in these rules.

One of the structural changes to the UCP is the introduction of articles coveringdefinitions (article 2) and interpretations (article 3). In providing definitions of roles playedby banks and the meaning of specific terms and events, UCP 600 avoids the necessity

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of repetitive text to explain their interpretation and application. Similarly, the articlecovering interpretations aims to take the ambiguity out of vague or unclear language thatappears in letters of credit and to provide a definitive elucidation of other characteristicsof the UCP or the credit.

During the course of the last three years, ICC national committees werecanvassed on a range of issues to determine their preferences on alternative texts

submitted by the Drafting Group. The results of this exercise and the considerable inputfrom national committees on individual items in the text is reflected in the content of UCP600. The Drafting Group considered, not only the current practice relative to thedocumentary credit, but also tried to envisage the future evolution of that practice.

This revision of the UCP represents the culmination of over three years ofextensive analysis, review, debate and compromise amongst the various members ofthe Drafting Group, the members of the Banking Commission and the respective ICCnational committees. Valuable comment has also been received from the ICCCommission on Transport and Logistics, the Commission on Commercial Law andPractice and the Committee on Insurance.

It is not appropriate for this publication to provide an explanation as to why an

article has been worded in such a way or what is intended by its incorporation into therules. For those interested in understanding the rationale and interpretation of thearticles of UCP 600, this information will be found in the Commentary to the rules, ICCPublication 601, which represents the Drafting Group's views.

On behalf of the Drafting Group I would like to extend our deep appreciation tothe members of the Consulting Group, ICC national committees and members of theBanking Commission for their professional comments and their constructive participationin this process.

Special thanks are due to the members of the Drafting Group and theirinstitutions, who are listed below in alphabetical order.

Nicole Keller - Vice President, Service International Products, Dresdner Bank AG,Frankfurt, Germany; Representative to the ICC Commission on Banking Technique andPractice;

Laurence Kooy - Legal Adviser, BNP Paribas, Paris, France; Representative tothe ICC Commission on Banking Technique and Practice.

Katja Lehr - Business Manager, Trade Services Standards, SWIFT, La Hulpe,Belgium, then Vice President, Membership Representation, International FinancialServices Association, New Jersey, USA; Representative to the ICC Commission onBanking Technique and Practice;

Ole Malmqvist - Vice President, Danske Bank, Copenhagen, Denmark;Representative to the ICC Commission on Banking Technique and Practice;

Paul Miserez - Head of Trade Finance Standards, SWIFT, La Hulpe, Belgium;Representative to the ICC Commission on Banking Technique and Practice;

Ren Mueller - Director, Credit Suisse, Zurich, Switzerland; Representative to theICC Commission on Banking Technique and Practice;

Chee Seng Soh - Consultant, Association of Banks in Singapore, Singapore;Representative to the ICC Commission on Banking Technique and Practice;

Dan Taylor - President and CEO, International Financial Services Association.,New Jersey USA; Vice Chairman, ICC Commission on Banking Technique and Practice;

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Alexander Zelenov - Director, Vnesheconombank, Moscow, Russia; ViceChairman, ICC Commission on Banking Technique and Practice;

Ron Katz - Policy Manager, ICC Commission on Banking Technique andPractice,

International Chamber of Commerce, Paris, France.

The undersigned had the pleasure of chairing the Drafting Group.

It was through the generous giving of their knowledge, time and energy that thisrevision was accomplished so successfully. As Chair of the Drafting Group, I would liketo extend to them and to their institutions my gratitude for their contribution, for a job welldone and for their friendship. I would also like to extend my sincere thanks to themanagement of ABN AMRO Bank N.V., for their understanding, patience and supportduring the course of this revision process.

Gary Collyer

Corporate Director,

ABN AMRO Bank N.V., London, England

and Technical Adviser to the ICC Commission on Banking Technique andPractice

November 2006

Article 1 Applicat ion of UCP

The Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC

Publication no. 600 ("UCP") are rules that apply to any documentary credit ("credit")(including, to the extent to which they may be applicable, any standby letter of credit)when the text of the credit expressly indicates that it is subject to these rules. They arebinding on all parties thereto unless expressly modified or excluded by the credit.

Article 2 Definit ions

For the purpose of these rules:

Advising bank means the bank that advises the credit at the request of the issuingbank.

Applicant means the party on whose request the credit is issued.

Banking day means a day on which a bank is regularly open at the place at whichan act subject to these rules is to be performed.

Beneficiary means the party in whose favour a credit is issued.

Complying presentation means a presentation that is in accordance with theterms and conditions of the credit, the applicable provisions of these rules andinternational standard banking practice.

Confirmation means a definite undertaking of the confirming bank, in addition tothat of the issuing bank, to honour or negotiate a complying presentation.

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Confirming bank means the bank that adds its confirmation to a credit upon theissuing bank's authorization or request.

Credit means any arrangement, however named or described, that is irrevocableand thereby constitutes a definite undertaking of the issuing bank to honour a complyingpresentation.

Honour means:

a. to pay at sight if the credit is available by sight payment.

b. to incur a deferred payment undertaking and pay at maturity if the credit isavailable by deferred payment.

c. to accept a bill of exchange ("draft") drawn by the beneficiary and pay atmaturity if the credit is available by acceptance.

Issuing bank means the bank that issues a credit at the request of an applicant oron its own behalf.

Negotiation means the purchase by the nominated bank of drafts (drawn on abank other than the nominated bank) and/or documents under a complying presentation,by advancing or agreeing to advance funds to the beneficiary on or before the banking

day on which reimbursement is due to the nominated bank.Nominated bank means the bank with which the credit is available or any bank in

the case of a credit available with any bank.

Presentation means either the delivery of documents under a credit to the issuingbank or nominated bank or the documents so delivered.

Presenter means a beneficiary, bank or other party that makes a presentation.

Article 3 Interpretations

For the purpose of these rules:

Where applicable, words in the singular include the plural and in the plural includethe singular.

A credit is irrevocable even if there is no indication to that effect.

A document may be signed by handwriting, facsimile signature, perforatedsignature, stamp, symbol or any other mechanical or electronic method ofauthentication.

A requirement for a document to be legalized, visaed, certified or similar will besatisfied by any signature, mark, stamp or label on the document which appears tosatisfy that requirement.

Branches of a bank in different countries are considered to be separate banks.

Terms such as "first class", "well known", "qualified", "independent", "official","competent" or "local" used to describe the issuer of a document allow any issuer exceptthe beneficiary to issue that document.

Unless required to be used in a document, words such as "prompt", "immediately"or "as soon as possible" will be disregarded.

The expression "on or about" or similar will be interpreted as a stipulation that anevent is to occur during a period of five calendar days before until five calendar daysafter the specified date, both start and end dates included.

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The words "to", "until", "till", "from" and "between" when used to determine aperiod of shipment include the date or dates mentioned, and the words "before" and"after" exclude the date mentioned.

The words "from" and "after" when used to determine a maturity date exclude thedate mentioned.

The terms "first half" and "second half" of a month shall be construed respectively

as the 1st to the 15th and the 16th to the last day of the month, all dates inclusive.The terms "beginning", "middle" and "end" of a month shall be construed

respectively as the 1st to the 10th, the 11th to the 20th and the 21st to the last day of themonth, all dates inclusive.

Article 4 Credits v. Contracts

a. A credit by its nature is a separate transaction from the sale or other contracton which it may be based. Banks are in no way concerned with or bound by suchcontract, even if any reference whatsoever to it is included in the credit. Consequently,the undertaking of a bank to honour, to negotiate or to fulfil any other obligation under

the credit is not subject to claims or defences by the applicant resulting from itsrelationships with the issuing bank or the beneficiary.

A beneficiary can in no case avail itself of the contractual relationships existingbetween banks or between the applicant and the issuing bank.

b. An issuing bank should discourage any attempt by the applicant to include, asan integral part of the credit, copies of the underlying contract, proforma invoice and thelike.

Article 5 Documents v. Goods, Services or Performance

Banks deal with documents and not with goods, services or performance to whichthe documents may relate.

Article 6 Availability, Expiry Date and Place for Presentationa. A credit must state the bank with which it is available or whether it is available

with any bank. A credit available with a nominated bank is also available with the issuingbank.

b. A credit must state whether it is available by sight payment, deferred payment,acceptance or negotiation.

c. A credit must not be issued available by a draft drawn on the applicant.

d. i. A credit must state an expiry date for presentation. An expiry date stated forhonour or negotiation will be deemed to be an expiry date for presentation.

ii . The place of the bank with which the credit is available is the place for

presentation. The place for presentation under a credit available with any bank is that ofany bank. A place for presentation other than that of the issuing bank is in addition to theplace of the issuing bank.

e. Except as provided in sub-article 29 (a), a presentation by or on behalf of thebeneficiary must be made on or before the expiry date.

Article 7 Issu ing Bank Undertaking

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a. Provided that the stipulated documents are presented to the nominated bankor to the issuing bank and that they constitute a complying presentation, the issuingbank must honour if the credit is available by:

i. sight payment, deferred payment or acceptance with the issuing bank;

ii. sight payment with a nominated bank and that nominated bank does not pay;

iii. deferred payment with a nominated bank and that nominated bank does not

incur its deferred payment undertaking or, having incurred its deferred paymentundertaking, does not pay at maturity;

iv. acceptance with a nominated bank and that nominated bank does not accepta draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity;

v. negotiation with a nominated bank and that nominated bank does notnegotiate.

b. An issuing bank is irrevocably bound to honour as of the time it issues thecredit.

c.An issuing bank undertakes to reimburse a nominated bank that has honouredor negotiated a complying presentation and forwarded the documents to the issuing

bank. Reimbursement for the amount of a complying presentation under a creditavailable by acceptance or deferred payment is due at maturity, whether or not thenominated bank prepaid or purchased before maturity. An issuing bank's undertaking toreimburse a nominated bank is independent of the issuing bank's undertaking to thebeneficiary.

Article 8 Conf irming Bank Undertaking

a. Provided that the stipulated documents are presented to the confirmingbank or to any other nominated bank and that they constitute a complying presentation,the confirming bank must:

i. honour, if the credit is available bya. sight payment, deferred payment or acceptance with the confirming bank;

b. sight payment with another nominated bank and that nominated bank does notpay;

c. deferred payment with another nominated bank and that nominated bank doesnot incur its deferred payment undertaking or, having incurred its deferred paymentundertaking, does not pay at maturity;

d. acceptance with another nominated bank and that nominated bank does notaccept a draft drawn on it or, having accepted a draft drawn on it, does not pay atmaturity;

e. negotiation with another nominated bank and that nominated bank does notnegotiate.

ii. negotiate, without recourse, if the credit is available by negotiation with theconfirming bank.

b. A confirming bank is irrevocably bound to honour or negotiate as of the time itadds its confirmation to the credit.

c. A confirming bank undertakes to reimburse another nominated bank that hashonoured or negotiated a complying presentation and forwarded the documents to theconfirming bank. Reimbursement for the amount of a complying presentation under a

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credit available by acceptance or deferred payment is due at maturity, whether or notanother nominated bank prepaid or purchased before maturity. A confirming bank'sundertaking to reimburse another nominated bank is independent of the confirmingbank's undertaking to the beneficiary.

d. If a bank is authorized or requested by the issuing bank to confirm a credit butis not prepared to do so, it must inform the issuing bank without delay and may advise

the credit without confirmation.

Article 9 Advis ing of Credits and Amendments

a. A credit and any amendment may be advised to a beneficiary through anadvising bank. An advising bank that is not a confirming bank advises the credit and anyamendment without any undertaking to honour or negotiate.

b. By advising the credit or amendment, the advising bank signifies that it hassatisfied itself as to the apparent authenticity of the credit or amendment and that theadvice accurately reflects the terms and conditions of the credit or amendment received.

c. An advising bank may utilize the services of another bank ("second advising

bank") to advise the credit and any amendment to the beneficiary. By advising the creditor amendment, the second advising bank signifies that it has satisfied itself as to theapparent authenticity of the advice it has received and that the advice accurately reflectsthe terms and conditions of the credit or amendment received.

d. A bank utilizing the services of an advising bank or second advising bank toadvise a credit must use the same bank to advise any amendment thereto.

e. If a bank is requested to advise a credit or amendment but elects not to do so,it must so inform, without delay, the bank from which the credit, amendment or advicehas been received.

f. If a bank is requested to advise a credit or amendment but cannot satisfy itselfas to the apparent authenticity of the credit, the amendment or the advice, it must soinform, without delay, the bank from which the instructions appear to have beenreceived. If the advising bank or second advising bank elects nonetheless to advise thecredit or amendment, it must inform the beneficiary or second advising bank that it hasnot been able to satisfy itself as to the apparent authenticity of the credit, theamendment or the advice.

Article 10 Amendments

a. Except as otherwise provided by article 38, a credit can neither be amendednor cancelled without the agreement of the issuing bank, the confirming bank, if any, andthe beneficiary.

b.An issuing bank is irrevocably bound by an amendment as of the time it issuesthe amendment. A confirming bank may extend its confirmation to an amendment andwill be irrevocably bound as of the time it advises the amendment. A confirming bankmay, however, choose to advise an amendment without extending its confirmation and,if so, it must inform the issuing bank without delay and inform the beneficiary in itsadvice.

c. The terms and conditions of the original credit (or a credit incorporatingpreviously accepted amendments) will remain in force for the beneficiary until thebeneficiary communicates its acceptance of the amendment to the bank that advisedsuch amendment. The beneficiary should give notification of acceptance or rejection of

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an amendment. If the beneficiary fails to give such notification, a presentation thatcomplies with the credit and to any not yet accepted amendment will be deemed to benotification of acceptance by the beneficiary of such amendment. As of that moment thecredit will be amended.

d. A bank that advises an amendment should inform the bank from which itreceived the amendment of any notification of acceptance or rejection.

e. Partial acceptance of an amendment is not allowed and will be deemed to benotification of rejection of the amendment.

f. A provision in an amendment to the effect that the amendment shall enter intoforce unless rejected by the beneficiary within a certain time shall be disregarded.

Article 11 Teletransmitted and Pre-Advised Credits and Amendments

a. An authenticated teletransmission of a credit or amendment will be deemed tobe the operative credit or amendment, and any subsequent mail confirmation shall bedisregarded.

If a teletransmission states "full details to follow" (or words of similar effect), or

states that the mail confirmation is to be the operative credit or amendment, then theteletransmission will not be deemed to be the operative credit or amendment. Theissuing bank must then issue the operative credit or amendment without delay in termsnot inconsistent with the teletransmission.

b. A preliminary advice of the issuance of a credit or amendment ("pre-advice")shall only be sent if the issuing bank is prepared to issue the operative credit oramendment. An issuing bank that sends a pre-advice is irrevocably committed to issuethe operative credit or amendment, without delay, in terms not inconsistent with the pre-advice.

Article 12 Nominationa. Unless a nominated bank is the confirming bank, an authorization to honour or

negotiate does not impose any obligation on that nominated bank to honour ornegotiate, except when expressly agreed to by that nominated bank and socommunicated to the beneficiary.

b. By nominating a bank to accept a draft or incur a deferred paymentundertaking, an issuing bank authorizes that nominated bank to prepay or purchase adraft accepted or a deferred payment undertaking incurred by that nominated bank.

c. Receipt or examination and forwarding of documents by a nominated bank thatis not a confirming bank does not make that nominated bank liable to honour ornegotiate, nor does it constitute honour or negotiation.

Article 13 Bank-to-Bank Reimbursement Arrangements

a. If a credit states that reimbursement is to be obtained by a nominated bank("claiming bank") claiming on another party ("reimbursing bank"), the credit must state ifthe reimbursement is subject to the ICC rules for bank-to-bank reimbursements in effecton the date of issuance of the credit.

b. If a credit does not state that reimbursement is subject to the ICC rules forbank-to-bank reimbursements, the following apply:

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i. An issuing bank must provide a reimbursing bank with a reimbursementauthorization that conforms with the availability stated in the credit. The reimbursementauthorization should not be subject to an expiry date.

ii . A claiming bank shall not be required to supply a reimbursing bank with acertificate of compliance with the terms and conditions of the credit.

ii i. An issuing bank will be responsible for any loss of interest, together with any

expenses incurred, if reimbursement is not provided on first demand by a reimbursingbank in accordance with the terms and conditions of the credit.

iv . A reimbursing bank's charges are for the account of the issuing bank.However, if the charges are for the account of the beneficiary, it is the responsibility ofan issuing bank to so indicate in the credit and in the reimbursement authorization. If areimbursing bank's charges are for the account of the beneficiary, they shall bededucted from the amount due to a claiming bank when reimbursement is made. If noreimbursement is made, the reimbursing bank's charges remain the obligation of theissuing bank.

c. An issuing bank is not relieved of any of its obligations to providereimbursement if reimbursement is not made by a reimbursing bank on first demand.

Article 14 Standard for Examination of Documents

a. A nominated bank acting on its nomination, a confirming bank, if any, and theissuing bank must examine a presentation to determine, on the basis of the documentsalone, whether or not the documents appear on their face to constitute a complyingpresentation.

b. A nominated bank acting on its nomination, a confirming bank, if any, and theissuing bank shall each have a maximum of five banking days following the day ofpresentation to determine if a presentation is complying. This period is not curtailed orotherwise affected by the occurrence on or after the date of presentation of any expiry

date or last day for presentation.c. A presentation including one or more original transport documents subject to

articles 19, 20, 21, 22, 23, 24 or 25 must be made by or on behalf of the beneficiary notlater than 21 calendar days after the date of shipment as described in these rules, but inany event not later than the expiry date of the credit.

d. Data in a document, when read in context with the credit, the document itselfand international standard banking practice, need not be identical to, but must notconflict with, data in that document, any other stipulated document or the credit.

e. In documents other than the commercial invoice, the description of the goods,services or performance, if stated, may be in general terms not conflicting with their

description in the credit.f. If a credit requires presentation of a document other than a transport document,

insurance document or commercial invoice, without stipulating by whom the document isto be issued or its data content, banks will accept the document as presented if itscontent appears to fulfil the function of the required document and otherwise complieswith sub-article 14 (d).

g. A document presented but not required by the credit will be disregarded andmay be returned to the presenter.

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h. If a credit contains a condition without stipulating the document to indicatecompliance with the condition, banks will deem such condition as not stated and willdisregard it.

i. A document may be dated prior to the issuance date of the credit, but must notbe dated later than its date of presentation.

j. When the addresses of the beneficiary and the applicant appear in any

stipulated document, they need not be the same as those stated in the credit or in anyother stipulated document, but must be within the same country as the respectiveaddresses mentioned in the credit. Contact details (telefax, telephone, email and thelike) stated as part of the beneficiary's and the applicant's address will be disregarded.However, when the address and contact details of the applicant appear as part of theconsignee or notify party details on a transport document subject to articles 19, 20, 21,22, 23, 24 or 25, they must be as stated in the credit.

k. The shipper or consignor of the goods indicated on any document need not bethe beneficiary of the credit.

l. A transport document may be issued by any party other than a carrier, owner,master or charterer provided that the transport document meets the requirements ofarticles 19, 20, 21, 22, 23 or 24 of these rules.

Article 15 Complying Presentation

a. When an issuing bank determines that a presentation is complying, it musthonour.

b. When a confirming bank determines that a presentation is complying, it musthonour or negotiate and forward the documents to the issuing bank.

c. When a nominated bank determines that a presentation is complying andhonours or negotiates, it must forward the documents to the confirming bank or issuingbank.

Article 16 Discrepant Documents, Waiver and Notice

a. When a nominated bank acting on its nomination, a confirming bank, if any, orthe issuing bank determines that a presentation does not comply, it may refuse tohonour or negotiate.

b. When an issuing bank determines that a presentation does not comply, it mayin its sole judgement approach the applicant for a waiver of the discrepancies. This doesnot, however, extend the period mentioned in sub-article 14 (b).

c. When a nominated bank acting on its nomination, a confirming bank, if any, orthe issuing bank decides to refuse to honour or negotiate, it must give a single notice tothat effect to the presenter.

The notice must state:

i. that the bank is refusing to honour or negotiate; and

ii. each discrepancy in respect of which the bank refuses to honour or negotiate;and

iii. a) that the bank is holding the documents pending further instructions from thepresenter; or

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b) that the issuing bank is holding the documents until it receives a waiver fromthe applicant and agrees to accept it, or receives further instructions from the presenterprior to agreeing to accept a waiver; or

c) that the bank is returning the documents; or

d) that the bank is acting in accordance with instructions previously received fromthe presenter.

d. The notice required in sub-article 16 (c) must be given by telecommunicationor, if that is not possible, by other expeditious means no later than the close of the fifthbanking day following the day of presentation.

e. A nominated bank acting on its nomination, a confirming bank, if any, or theissuing bank may, after providing notice required by sub-article 16 (c) (iii) (a) or (b),return the documents to the presenter at any time.

f. If an issuing bank or a confirming bank fails to act in accordance with theprovisions of this article, it shall be precluded from claiming that the documents do notconstitute a complying presentation.

g. When an issuing bank refuses to honour or a confirming bank refuses to

honour or negotiate and has given notice to that effect in accordance with this article, itshall then be entitled to claim a refund, with interest, of any reimbursement made.

Article 17 Orig inal Documents and Copies

a. At least one original of each document stipulated in the credit must bepresented.

b. A bank shall treat as an original any document bearing an apparently originalsignature, mark, stamp, or label of the issuer of the document, unless the documentitself indicates that it is not an original.

c. Unless a document indicates otherwise, a bank will also accept a document as

original if it:i. appears to be written, typed, perforated or stamped by the document issuer's

hand; or

ii. appears to be on the document issuer's original stationery; or

iii. states that it is original, unless the statement appears not to apply to thedocument presented.

d. If a credit requires presentation of copies of documents, presentation of eitheroriginals or copies is permitted.

e. If a credit requires presentation of multiple documents by using terms such as"in duplicate", "in two fold" or "in two copies", this will be satisfied by the presentation of

at least one original and the remaining number in copies, except when the documentitself indicates otherwise.

Article 18 Commercial Invoice

a.A commercial invoice:

i. must appear to have been issued by the beneficiary (except as provided inarticle 38);

ii. must be made out in the name of the applicant (except as provided in sub-article 38 (g));

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iii. must be made out in the same currency as the credit; and

iv. need not be signed.

b. A nominated bank acting on its nomination, a confirming bank, if any, or theissuing bank may accept a commercial invoice issued for an amount in excess of theamount permitted by the credit, and its decision will be binding upon all parties, providedthe bank in question has not honoured or negotiated for an amount in excess of that

permitted by the credit.c. The description of the goods, services or performance in a commercial invoice

must correspond with that appearing in the credit.

Article 19 Transport Document Covering at Least Two Different Modes ofTransport

a. A transport document covering at least two different modes of transport(multimodal or combined transport document), however named, must appear to:

i. indicate the name of the carrier and be signed by:

the carrier or a named agent for or on behalf of the carrier, or

the master or a named agent for or on behalf of the master.

Any signature by the carrier, master or agent must be identified as that of thecarrier, master or agent.

Any signature by an agent must indicate whether the agent has signed for or onbehalf of the carrier or for or on behalf of the master.

ii . indicate that the goods have been dispatched, taken in charge or shipped onboard at the place stated in the credit, by:

pre-printed wording, or

a stamp or notation indicating the date on which the goods have beendispatched, taken in charge or shipped on board.

The date of issuance of the transport document will be deemed to be the date ofdispatch, taking in charge or shipped on board, and the date of shipment. However, ifthe transport document indicates, by stamp or notation, a date of dispatch, taking incharge or shipped on board, this date will be deemed to be the date of shipment.

ii i. indicate the place of dispatch, taking in charge or shipment and the place offinal destination stated in the credit, even if:

a. the transport document states, in addition, a different place of dispatch, takingin charge or shipment or place of final destination, or

b. the transport document contains the indication "intended" or similarqualification in relation to the vessel, port of loading or port of discharge.

iv . be the sole original transport document or, if issued in more than one original,be the full set as indicated on the transport document.

v. contain terms and conditions of carriage or make reference to another sourcecontaining the terms and conditions of carriage (short form or blank back transportdocument). Contents of terms and conditions of carriage will not be examined.

vi . contain no indication that it is subject to a charter party.

b. For the purpose of this article, transhipment means unloading from one meansof conveyance and reloading to another means of conveyance (whether or not in

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different modes of transport) during the carriage from the place of dispatch, taking incharge or shipment to the place of final destination stated in the credit.

c. i.A transport document may indicate that the goods will or may be transhippedprovided that the entire carriage is covered by one and the same transport document.

ii. A transport document indicating that transhipment will or may take place isacceptable, even if the credit prohibits transhipment.

Article 20 Bil l of Lading

a. A bill of lading, however named, must appear to:





Any signature by an agent must indicate whether the agent has signed for or on

behalf of the carrier or for or on behalf of the master.ii. indicate that the goods have been shipped on board a named vessel at the port

of loading stated in the credit by:


an on board notation indicating the date on which the goods have been shippedon board.

The date of issuance of the bill of lading will be deemed to be the date ofshipment unless the bill of lading contains an on board notation indicating the date ofshipment, in which case the date stated in the on board notation will be deemed to bethe date of shipment.

If the bill of lading contains the indication "intended vessel" or similar qualificationin relation to the name of the vessel, an on board notation indicating the date ofshipment and the name of the actual vessel is required.

ii i. indicate shipment from the port of loading to the port of discharge stated in thecredit.

If the bill of lading does not indicate the port of loading stated in the credit as theport of loading, or if it contains the indication "intended" or similar qualification in relationto the port of loading, an on board notation indicating the port of loading as stated in thecredit, the date of shipment and the name of the vessel is required. This provisionapplies even when loading on board or shipment on a named vessel is indicated bypreprinted wording on the bill of lading.

iv . be the sole original bill of lading or, if issued in more than one original, be thefull set as indicated on the bill of lading.

v. contain terms and conditions of carriage or make reference to another sourcecontaining the terms and conditions of carriage (short form or blank back bill of lading).Contents of terms and conditions of carriage will not be examined.


b. For the purpose of this article, transhipment means unloading from one vesseland reloading to another vessel during the carriage from the port of loading to the port ofdischarge stated in the credit.

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c. i. A bill of lading may indicate that the goods will or may be transshippedprovided that the entire carriage is covered by one and the same bill of lading.

ii.A bill of lading indicating that transhipment will or may take place is acceptable,even if the credit prohibits transhipment, if the goods have been shipped in a container,trailer or LASH barge as evidenced by the bill of lading.

d. Clauses in a bill of lading stating that the carrier reserves the right to tranship

will be disregarded.

Article 21 Non-Negotiable Sea Waybil l

a. A non-negotiable sea waybill, however named, must appear to:





Any signature by an agent must indicate whether the agent has signed for or onbehalf of the carrier or for or on behalf of the master.

ii. indicate that the goods have been shipped on board a named vessel at the portof loading stated in the credit by:

- pre-printed wording,

- or an on board notation indicating the date on which the goods have beenshipped on board.

The date of issuance of the non-negotiable sea waybill will be deemed to be thedate of shipment unless the non-negotiable sea waybill contains an on board notationindicating the date of shipment, in which case the date stated in the on board notationwill be deemed to be the date of shipment.

If the non-negotiable sea waybill contains the indication "intended vessel" orsimilar qualification in relation to the name of the vessel, an on board notation indicatingthe date of shipment and the name of the actual vessel is required.

ii i. indicate shipment from the port of loading to the port of discharge stated in thecredit.

If the non-negotiable sea waybill does not indicate the port of loading stated in thecredit as the port of loading, or if it contains the indication "intended" or similarqualification in relation to the port of loading, an on board notation indicating the port ofloading as stated in the credit, the date of shipment and the name of the vessel isrequired. This provision applies even when loading on board or shipment on a named

vessel is indicated by pre-printed wording on the non-negotiable sea waybill.iv . be the sole original non-negotiable sea waybill or, if issued in more than one

original, be the full set as indicated on the non-negotiable sea waybill.

v. contain terms and conditions of carriage or make reference to another sourcecontaining the terms and conditions of carriage (short form or blank back non-negotiablesea waybill). Contents of terms and conditions of carriage will not be examined.


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b. For the purpose of this article, transhipment means unloading from one vesseland reloading to another vessel during the carriage from the port of loading to the port ofdischarge stated in the credit.

c. i. A non-negotiable sea waybill may indicate that the goods will or may betranshipped provided that the entire carriage is covered by one and the same non-negotiable sea waybill.

ii.A non-negotiable sea waybill indicating that transhipment will or may take placeis acceptable, even if the credit prohibits transhipment, if the goods have been shippedin a container, trailer or LASH barge as evidenced by the non-negotiable sea waybill.

d. Clauses in a non-negotiable sea waybill stating that the carrier reserves theright to tranship will be disregarded.

Article 22 Charter Party Bi ll of Lading

a. A bill of lading, however named, containing an indication that it is subject to acharter party (charter party bill of lading), must appear to:

i. be signed by:

the master or a named agent for or on behalf of the master, or

the owner or a named agent for or on behalf of the owner, or

the charterer or a named agent for or on behalf of the charterer.

Any signature by the master, owner, charterer or agent must be identified as thatof the master, owner, charterer or agent.

Any signature by an agent must indicate whether the agent has signed for or onbehalf of the master, owner or charterer.

An agent signing for or on behalf of the owner or charterer must indicate thename of the owner or charterer.

ii . indicate that the goods have been shipped on board a named vessel at the portof loading stated in the credit by:


an on board notation indicating the date on which the goods have been shippedon board.

The date of issuance of the charter party bill of lading will be deemed to be thedate of shipment unless the charter party bill of lading contains an on board notationindicating the date of shipment, in which case the date stated in the on board notationwill be deemed to be the date of shipment.

iii. indicate shipment from the port of loading to the port of discharge stated in thecredit. The port of discharge may also be shown as a range of ports or a geographical

area, as stated in the credit.

iv . be the sole original charter party bill of lading or, if issued in more than oneoriginal, be the full set as indicated on the charter party bill of lading.

b. A bank will not examine charter party contracts, even if they are required to bepresented by the terms of the credit.

Article 23 Air Transport Document

a. An air transport document, however named, must appear to:

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the carrier, or

a named agent for or on behalf of the carrier.

Any signature by the carrier or agent must be identified as that of the carrier oragent.

Any signature by an agent must indicate that the agent has signed for or onbehalf of the carrier.

ii . indicate that the goods have been accepted for carriage.

iii. indicate the date of issuance. This date will be deemed to be the date ofshipment unless the air transport document contains a specific notation of the actualdate of shipment, in which case the date stated in the notation will be deemed to be thedate of shipment.

Any other information appearing on the air transport document relative to the flightnumber and date will not be considered in determining the date of shipment.

iv . indicate the airport of departure and the airport of destination stated in thecredit.

v. be the original for consignor or shipper, even if the credit stipulates a full set oforiginals.

vi . contain terms and conditions of carriage or make reference to another sourcecontaining the terms and conditions of carriage. Contents of terms and conditions ofcarriage will not be examined.

b. For the purpose of this article, transhipment means unloading from one aircraftand reloading to another aircraft during the carriage from the airport of departure to theairport of destination stated in the credit.

c. i. An air transport document may indicate that the goods will or may betranshipped, provided that the entire carriage is covered by one and the same air

transport document.ii.An air transport document indicating that transhipment will or may take place is

acceptable, even if the credit prohibits transhipment.

Article 24 Road, Rail or Inland Waterway Transport Documents

a. A road, rail or inland waterway transport document, however named, mustappear to:

i. indicate the name of the carrier and:

be signed by the carrier or a named agent for or on behalf of the carrier, or

indicate receipt of the goods by signature, stamp or notation by the carrier or anamed agent for or on behalf of the carrier.

Any signature, stamp or notation of receipt of the goods by the carrier or agentmust be identified as that of the carrier or agent.

Any signature, stamp or notation of receipt of the goods by the agent mustindicate that the agent has signed or acted for or on behalf of the carrier.

If a rail transport document does not identify the carrier, any signature or stamp ofthe railway company will be accepted as evidence of the document being signed by thecarrier.

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ii . indicate the date of shipment or the date the goods have been received forshipment, dispatch or carriage at the place stated in the credit. Unless the transportdocument contains a dated reception stamp, an indication of the date of receipt or a dateof shipment, the date of issuance of the transport document will be deemed to be thedate of shipment.

ii i. indicate the place of shipment and the place of destination stated in the credit.

b. i. A road transport document must appear to be the original for consignor orshipper or bear no marking indicating for whom the document has been prepared.

ii.A rail transport document marked "duplicate" will be accepted as an original.

iii. A rail or inland waterway transport document will be accepted as an originalwhether marked as an original or not.

c. In the absence of an indication on the transport document as to the number oforiginals issued, the number presented will be deemed to constitute a full set.

d. For the purpose of this article, transhipment means unloading from one meansof conveyance and reloading to another means of conveyance, within the same mode oftransport, during the carriage from the place of shipment, dispatch or carriage to the

place of destination stated in the credit.e. i. A road, rail or inland waterway transport document may indicate that the

goods will or may be transhipped provided that the entire carriage is covered by one andthe same transport document.

ii.A road, rail or inland waterway transport document indicating that transhipmentwill or may take place is acceptable, even if the credit prohibits transhipment.

Article 25 Courier Receipt, Post Receipt or Certif icate of Posting

a. A courier receipt, however named, evidencing receipt of goods for transport,must appear to:

i. indicate the name of the courier service and be stamped or signed by thenamed courier service at the place from which the credit states the goods are to beshipped; and

ii . indicate a date of pick-up or of receipt or wording to this effect. This date will bedeemed to be the date of shipment.

b. A requirement that courier charges are to be paid or prepaid may be satisfiedby a transport document issued by a courier service evidencing that courier charges arefor the account of a party other than the consignee.

c. A post receipt or certificate of posting, however named, evidencing receipt ofgoods for transport, must appear to be stamped or signed and dated at the place from

which the credit states the goods are to be shipped. This date will be deemed to be thedate of shipment.

Article 26 "On Deck" , "Shipper's Load and Count" , "Said by Shipper toContain" and Charges Addi tional to Freight

a. A transport document must not indicate that the goods are or will be loaded ondeck. A clause on a transport document stating that the goods may be loaded on deck isacceptable.

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b.A transport document bearing a clause such as "shipper's load and count" and"said by shipper to contain" is acceptable.

c. A transport document may bear a reference, by stamp or otherwise, to chargesadditional to the freight.

Article 27 Clean Transport Document

A bank will only accept a clean transport document. A clean transport documentis one bearing no clause or notation expressly declaring a defective condition of thegoods or their packaging. The word "clean" need not appear on a transport document,even if a credit has a requirement for that transport document to be "clean on board".

Article 28 Insurance Document and Coverage

a. An insurance document, such as an insurance policy, an insurance certificateor a declaration under an open cover, must appear to be issued and signed by aninsurance company, an underwriter or their agents or their proxies.

Any signature by an agent or proxy must indicate whether the agent or proxy has

signed for or on behalf of the insurance company or underwriter.

b. When the insurance document indicates that it has been issued in more thanone original, all originals must be presented.

c. Cover notes will not be accepted.

d. An insurance policy is acceptable in lieu of an insurance certificate or adeclaration under an open cover.

e. The date of the insurance document must be no later than the date ofshipment, unless it appears from the insurance document that the cover is effective froma date not later than the date of shipment.

f. i. The insurance document must indicate the amount of insurance coverage and

be in the same currency as the credit.

ii.A requirement in the credit for insurance coverage to be for a percentage of thevalue of the goods, of the invoice value or similar is deemed to be the minimum amountof coverage required.

If there is no indication in the credit of the insurance coverage required, theamount of insurance coverage must be at least 110% of the CIF or CIP value of thegoods.

When the CIF or CIP value cannot be determined from the documents, theamount of insurance coverage must be calculated on the basis of the amount for whichhonour or negotiation is requested or the gross value of the goods as shown on the

invoice, whichever is greater.iii. The insurance document must indicate that risks are covered at least between

the place of taking in charge or shipment and the place of discharge or final destinationas stated in the credit.

g. A credit should state the type of insurance required and, if any, the additionalrisks to be covered. An insurance document will be accepted without regard to any risksthat are not covered if the credit uses imprecise terms such as "usual risks" or"customary risks".

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h. When a credit requires insurance against "all risks" and an insurancedocument is presented containing any "all risks" notation or clause, whether or notbearing the heading "all risks", the insurance document will be accepted without regardto any risks stated to be excluded.

i. An insurance document may contain reference to any exclusion clause.

j. An insurance document may indicate that the cover is subject to a franchise or

excess (deductible).

Article 29 Extension of Expiry Date or Last Day for Presentat ion

a. If the expiry date of a credit or the last day for presentation falls on a day whenthe bank to which presentation is to be made is closed for reasons other than thosereferred to in article 36, the expiry date or the last day for presentation, as the case maybe, will be extended to the first following banking day.

b. If presentation is made on the first following banking day, a nominated bankmust provide the issuing bank or confirming bank with a statement on its coveringschedule that the presentation was made within the time limits extended in accordance

with sub-article 29 (a).c. The latest date for shipment will not be extended as a result of sub-article 29

(a).

Article 30 Tolerance in Credit Amount, Quanti ty and Unit Prices

a. The words "about" or "approximately" used in connection with the amount ofthe credit or the quantity or the unit price stated in the credit are to be construed asallowing a tolerance not to exceed 10% more or 10% less than the amount, the quantityor the unit price to which they refer.

b. A tolerance not to exceed 5% more or 5% less than the quantity of the goods is

allowed, provided the credit does not state the quantity in terms of a stipulated numberof packing units or individual items and the total amount of the drawings does notexceed the amount of the credit.

c. Even when partial shipments are not allowed, a tolerance not to exceed 5%less than the amount of the credit is allowed, provided that the quantity of the goods, ifstated in the credit, is shipped in full and a unit price, if stated in the credit, is notreduced or that sub-article 30 (b) is not applicable. This tolerance does not apply whenthe credit stipulates a specific tolerance or uses the expressions referred to in sub-article30 (a).

Article 31 Partial Drawings or Shipments

a. Partial drawings or shipments are allowed.

b. A presentation consisting of more than one set of transport documentsevidencing shipment commencing on the same means of conveyance and for the same

journey, provided they indicate the same destination, will not be regarded as covering apartial shipment, even if they indicate different dates of shipment or different ports ofloading, places of taking in charge or dispatch. If the presentation consists of more thanone set of transport documents, the latest date of shipment as evidenced on any of thesets of transport documents will be regarded as the date of shipment.

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A presentation consisting of one or more sets of transport documents evidencingshipment on more than one means of conveyance within the same mode of transport willbe regarded as covering a partial shipment, even if the means of conveyance leave onthe same day for the same destination.

c. A presentation consisting of more than one courier receipt, post receipt orcertificate of posting will not be regarded as a partial shipment if the courier receipts,

post receipts or certificates of posting appear to have been stamped or signed by thesame courier or postal service at the same place and date and for the same destination.

Article 32 Instalment Drawings or Shipments

If a drawing or shipment by instalments within given periods is stipulated in thecredit and any instalment is not drawn or shipped within the period allowed for thatinstalment, the credit ceases to be available for that and any subsequent instalment.

Article 33 Hours of Presentat ion

A bank has no obligation to accept a presentation outside of its banking hours.

Article 34 Disclaimer on Effect iveness of Documents

A bank assumes no liability or responsibility for the form, sufficiency, accuracy,genuineness, falsification or legal effect of any document, or for the general or particularconditions stipulated in a document or superimposed thereon; nor does it assume anyliability or responsibility for the description, quantity, weight, quality, condition, packing,delivery, value or existence of the goods, services or other performance represented byany document, or for the good faith or acts or omissions, solvency, performance orstanding of the consignor, the carrier, the forwarder, the consignee or the insurer of thegoods or any other person.

Article 35 Disclaimer on Transmission and Translation

A bank assumes no liability or responsibility for the consequences arising out ofdelay, loss in transit, mutilation or other errors arising in the transmission of anymessages or delivery of letters or documents, when such messages, letters ordocuments are transmitted or sent according to the requirements stated in the credit, orwhen the bank may have taken the initiative in the choice of the delivery service in theabsence of such instructions in the credit.

If a nominated bank determines that a presentation is complying and forwards thedocuments to the issuing bank or confirming bank, whether or not the nominated bankhas honoured or negotiated, an issuing bank or confirming bank must honour ornegotiate, or reimburse that nominated bank, even when the documents have been lostin transit between the nominated bank and the issuing bank or confirming bank, orbetween the confirming bank and the issuing bank.

A bank assumes no liability or responsibility for errors in translation orinterpretation of technical terms and may transmit credit terms without translating them.

Article 36 Force Majeure

A bank assumes no liability or responsibility for the consequences arising out ofthe interruption of its business by Acts of God, riots, civil commotions, insurrections,

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wars, acts of terrorism, or by any strikes or lockouts or any other causes beyond itscontrol.

A bank will not, upon resumption of its business, honour or negotiate under acredit that expired during such interruption of its business.

Article 37 Disclaimer for Acts of an Instructed Party

a. A bank utilizing the services of another bank for the purpose of giving effect tothe instructions of the applicant does so for the account and at the risk of the applicant.

b. An issuing bank or advising bank assumes no liability or responsibility shouldthe instructions it transmits to another bank not be carried out, even if it has taken theinitiative in the choice of that other bank.

c. A bank instructing another bank to perform services is liable for anycommissions, fees, costs or expenses ("charges") incurred by that bank in connectionwith its instructions.

If a credit states that charges are for the account of the beneficiary and chargescannot be collected or deducted from proceeds, the issuing bank remains liable for

payment of charges.A credit or amendment should not stipulate that the advising to a beneficiary is

conditional upon the receipt by the advising bank or second advising bank of its charges.

d. The applicant shall be bound by and liable to indemnify a bank against allobligations and responsibilities imposed by foreign laws and usages.

Article 38 Transferable Credi ts

a.A bank is under no obligation to transfer a credit except to the extent and in themanner expressly consented to by that bank.

b. For the purpose of this article:

Transferable credit means a credit that specifically states it is "transferable". Atransferable credit may be made available in whole or in part to another beneficiary("second beneficiary") at the request of the beneficiary ("first beneficiary").

Transferring bank means a nominated bank that transfers the credit or, in a creditavailable with any bank, a bank that is specifically authorized by the issuing bank totransfer and that transfers the credit. An issuing bank may be a transferring bank.

Transferred credit means a credit that has been made available by thetransferring bank to a second beneficiary.

c. Unless otherwise agreed at the time of transfer, all charges (such ascommissions, fees, costs or expenses) incurred in respect of a transfer must be paid by

the first beneficiary.d. A credit may be transferred in part to more than one second beneficiary

provided partial drawings or shipments are allowed.

A transferred credit cannot be transferred at the request of a second beneficiaryto any subsequent beneficiary. The first beneficiary is not considered to be a subsequentbeneficiary.

e. Any request for transfer must indicate if and under what conditionsamendments may be advised to the second beneficiary. The transferred credit mustclearly indicate those conditions.

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f. If a credit is transferred to more than one second beneficiary, rejection of an

amendment by one or more second beneficiary does not invalidate the acceptance byany other second beneficiary, with respect to which the transferred credit will beamended accordingly. For any second beneficiary that rejected the amendment, thetransferred credit will remain unamended.

g. The transferred credit must accurately reflect the terms and conditions of the

credit, including confirmation, if any, with the exception of:- the amount of the credit,

- any unit price stated therein,

- the expiry date,

- the period for presentation, or

- the latest shipment date or given period for shipment,

any or all of which may be reduced or curtailed.

The percentage for which insurance cover must be effected may be increased toprovide the amount of cover stipulated in the credit or these articles.

The name of the first beneficiary may be substituted for that of the applicant in thecredit.

If the name of the applicant is specifically required by the credit to appear in anydocument other than the invoice, such requirement must be reflected in the transferredcredit.

h. The first beneficiary has the right to substitute its own invoice and draft, if any,for those of a second beneficiary for an amount not in excess of that stipulated in thecredit, and upon such substitution the first beneficiary can draw under the credit for thedifference, if any, between its invoice and the invoice of a second beneficiary.

i. If the first beneficiary is to present its own invoice and draft, if any, but fails to doso on first demand, or if the invoices presented by the first beneficiary create

discrepancies that did not exist in the presentation made by the second beneficiary andthe first beneficiary fails to correct them on first demand, the transferring bank has theright to present the documents as received from the second beneficiary to the issuingbank, without further responsibility to the first beneficiary.

j. The first beneficiary may, in its request for transfer, indicate that honour ornegotiation is to be effected to a second beneficiary at the place to which the credit hasbeen transferred, up to and including the expiry date of the credit. This is withoutprejudice to the right of the first beneficiary in accordance with sub-article 38 (h).

k. Presentation of documents by or on behalf of a second beneficiary must bemade to the transferring bank.

Article 39 Assignment of Proceeds

The fact that a credit is not stated to be transferable shall not affect the right of thebeneficiary to assign any proceeds to which it may be or may become entitled under thecredit, in accordance with the provisions of applicable law. This article relates only to theassignment of proceeds and not to the assignment of the right to perform under thecredit.

UCP 600 - English

Documents

Transcript of UCP 600 - English